Do You Qualify For A Short Sale?!

If you can answer yes to all four of the following requirements, you may qualify for a short sale:

1. The Home's Market Value Has Dropped
-Hard comparable sales must substantiate that the home is worth less than the
unpaid balance due the lender.

2. The Mortgage is in or Near Default Status
-It used to be that lenders would not consider a short sale if the payments
were current, but that is no longer the case.

3. The Seller Has Fallen on Hard Times
-The seller must submit a letter of hardship that explains why the seller can not
pay the difference due upon sale, including why the seller has or will stop
making the monthly payments.
Examples of hardship are:
1. Unemployment
2. Divorce
3. Medical emergency / sudden illness
4. Bankruptcy
5. Death

4. The Seller Has No Assets
-The lender will probably want to see a copy of the seller's tax returns
and/or a financial statement. If the lender discovers assets, the lender may
not grant the short sale because the lender will feel that the seller has the
ability to pay the shorted difference. Sellers with assets may still be granted
a short sale but could be required to pay back the shortfall.

For More Information on Short Sales:

https://www.HoustonShortSaleSite.com

The Katie K Team is CDRS and 5 Star Institute Certified for Short Sales. What does that mean for you? Our team can help you avoid foreclosure, help you to get out from beneath the burden of your property, and not devastate your credit.

https://www.HoustonShortSaleSite.com